Content area
Abstract
In relation to this financing Xmet has issued 21,490,000 flow-through units to investors at a price of $0.05 per unit, with each unit consisting of one common share of Xmet and one half common share purchase warrant. Each full warrant entitles the holder thereof to acquire one common share of Xmet at a price of $0.055 at any time until November 21st, 2017. Xmet also has issued 1,170,000 hard dollar units to investors at a price of $0.05 per unit, with each unit consisting of one common share of Xmet and one common share purchase warrant. Each full warrant entitles the holder thereof to acquire one common share of Xmet at a price of $0.055 at any time until November 21st, 2017.
Xmet's Blackflake Project comprises over 30,000 acres of 100% owned claims and over 8,000 acres of fifty percent owned or optioned claims located approximately 60km to the northwest of Hearst, Ontario and is adjacent to Zenyatta's Hydrothermal Graphite Deposit. Xmet has now conducted three airborne electromagnetic surveys, VTEM and TDEM, which discovered multiple electromagnetic conductors making the targets highly prospective for further exploration. Xmet has developed an excellent working relationship with the Constance Lake First Nation, with whom the company signed an ongoing Exploration Agreement. Xmet has received all necessary approvals from the Ministry of Northern Development and Mines to conduct ground geophysics on and to drill the 'All Channel' target.